Britain’s unemployment rate has fallen below its pre-pandemic level, data showed Tuesday, but wages are eroding at the fastest pace in eight years as inflation soars, IgbereTV reports
The UK unemployment rate dropped to 3.9 percent in the three months to the end of January from 4.1 percent in the final quarter of last year, “returning to pre-coronavirus pandemic levels”, the Office for National Statistics (ONS) said.
Welcoming news that the number of unemployed fell to around 1.34 million people, finance minister Rishi Sunak added he was confident the labour market was in a “good position to deal with the current global challenges”.
There are worries that Russia’s invasion of Ukraine, soaring global inflation and renewed Covid lockdowns in China will hamper the world’s economic recovery.
The ONS added that the number of UK workers on payrolls jumped 275,000 to a record-high 29.7 million in February
